The bill establishes the New Mexico Property Insurance Program Association Board to oversee the FAIR Plan Act, which aims to provide property and commercial property insurance to individuals unable to secure coverage in the regular market. It introduces new definitions related to the FAIR Plan, outlines the composition and duties of the board, and sets forth requirements for insurance policies under the FAIR Plan. The board will consist of nine members with diverse expertise, including actuarial science, climate science, and consumer advocacy, and will be responsible for creating a FAIR plan that ensures premium rates are fair and actuarially sound.

Additionally, the bill includes provisions for the assessment of fees from member insurers to maintain the program's solvency, mandates reporting requirements to the superintendent regarding the financial condition of the FAIR plan, and allows for the suspension or revocation of a member insurer's authority if they fail to comply with assessments or operational plans. An appropriation of $50 million is allocated for the administration of the FAIR Plan Act and fire mitigation programs, and the bill declares an emergency for immediate effect.

Statutes affected:
introduced version: 59A-29-2, 59A-29-4, 59A-29-5, 59A-29-9